Government approves plan to reboot energy sector - Svyrydenko

Amidst the scandal surrounding corruption in the energy sector, the Cabinet of Ministers has approved an action plan to renew the composition of supervisory boards and executive bodies of state-owned companies in the fuel and energy complex. Prime Minister Yulia Svyrydenko has announced this on her Telegram channel, according to the Ukrainian News agency.

"We are continuing with a complete overhaul of the energy sector. At a government meeting, an action plan was approved to renew the composition of supervisory boards and executive bodies of state-owned companies in the fuel and energy complex.The key task is to form a new management team by renewing the supervisory boards of all state-owned companies in the energy sector," she said.

In particular, the plan provides for:

Energoatom NNEGC — formation of a new Supervisory Board;

Naftogaz of Ukraine NJSC — competitive selection for the supervisory board and formation of the group's executive bodies (UkrGasVydobuvannya, Ukrnafta, Gas Distribution Networks of Ukraine);

Ukrhydroenergo — appointment of a state representative to the supervisory board; competition for the head of the executive body;

Gas Transmission System Operator of Ukraine — renewal of the state representative on the supervisory board; completion of the competition for the head of the executive body;

Ukrenergo NPC — renewal of the state representative on the supervisory board;

Centrenergo PJSC, ECU, Ukrainian Distribution Networks, Regional Networks, Nyzhnednistrovska HPP, Kremenchuk TPP — formation of new supervisory boards;

Guaranteed Buyer — transformation into a joint-stock company and formation of a new supervisory board.

It is planned to update the statutes, regulations on supervisory boards, and principles for their formation in accordance with the OECD guidelines on corporate governance of state-owned enterprises.

Svyrydenko named the approval of the new supervisory board of Energoatom as the priority task for this week.

She noted that the Ministry of Economy, Environment, and Agriculture is responsible for coordinating the implementation of the plan.

As the Ukrainian News agency earlier reported, on November 13, amid a scandal over corruption in the energy sector, Svyrydenko announced that the Cabinet of Ministers had decided to conduct an audit of all state-owned energy companies on November 13 amid a corruption scandal in the energy sector.

On November 11, Svyrydenko announced that the government had made the first decisions to restart the Energoatom NNEGC, one of which was the early termination of powers of the company's Supervisory Board.